[Form 4] Guardian Pharmacy Services, Inc. Insider Trading Activity

Rhea-AI Filing Summary

John Ackerman, a director of Guardian Pharmacy Services, Inc. (GRDN), reported on Form 4 that on 09/27/2025 Class B common stock held indirectly by entities tied to him converted into Class A common stock in automatic tranches. The filing shows 1,413,940 Class B shares converting into Class A shares held by Pharmacy Investors, LLC, resulting in 1,863,564 Class A shares beneficially owned by that entity after the transaction. It also shows 471,057 Class B shares converting for Cardinal Equity Fund, L.P., yielding 620,851 Class A shares beneficially owned by that entity.

The conversion occurs pursuant to the company’s Amended and Restated Certificate of Incorporation, which provides one-for-one conversion of Class B to Class A in substantially equal tranches on 09/27/2025, 03/28/2026 and 09/27/2026. The Form 4 was signed by an attorney-in-fact on 09/30/2025.

Insights

Corporate Governance Expert

TL;DR Director-affiliated Class B shares converted to Class A in an automatic, charter-mandated tranche on 09/27/2025.

This filing documents a mechanical conversion under the issuer’s charter rather than an active sale or purchase by the reporting person. The conversion increased the reported beneficial ownership of Class A shares held indirectly through two entities: Pharmacy Investors, LLC and Cardinal Equity Fund, L.P. Because the change follows the terms of the Amended and Restated Certificate of Incorporation and is disclosed on Form 4, it is a routine ownership reclassification for governance and disclosure purposes.

Securities Analyst

TL;DR Automatic one-for-one conversion of Class B to Class A raised indirect Class A holdings; no cash proceeds or open-market trades reported.

The report shows 1,413,940 Class B shares and 471,057 Class B shares converted into corresponding Class A shares for two affiliated entities, yielding total reported Class A beneficial ownership of 2,827,878 and 942,114 respectively when including prior holdings. As the action is a charter-specified conversion, the immediate market impact is likely limited absent further transactions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Ackerman John

(Last) (First) (Middle)

300 GALLERIA PARKWAY SE, SUITE 800

(Street)

ATLANTA GA 30339

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Guardian Pharmacy Services, Inc. [ GRDN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/27/2025		M		1,413,940	A	(1)	1,863,564	I	By Pharmacy Investors, LLC
Class A Common Stock	09/27/2025		M		471,057	A	(1)	620,851	I	By Cardinal Equity Fund, L.P.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	09/27/2025		M			1,413,940	(1)	(1)	Class A Common Stock	1,413,940	(1)	2,827,878	I	By Pharmacy Investors, LLC
Class B Common Stock	(1)	09/27/2025		M			471,057	(1)	(1)	Class A Common Stock	471,057	(1)	942,114	I	By Cardinal Equity Fund, L.P.

Explanation of Responses:

1. Pursuant to Guardian Pharmacy Services, Inc.'s (the "Issuer") Amended and Restated Certificate of Incorporation, the Reporting Person's shares of Class B common stock automatically convert into shares of the Issuer's Class A common stock, on a one-for-one basis, in substantially equal tranches on each of September 27, 2025, March 28, 2026 and September 27, 2026.

	/s/ Douglas Towns, Attorney-in-Fact	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did John Ackerman report on Form 4 for GRDN?

The Form 4 reports that on 09/27/2025 Class B shares held indirectly converted into Class A shares under the company charter, increasing indirect Class A beneficial ownership for two affiliated entities.

How many Class B shares converted on 09/27/2025?

The filing shows 1,413,940 Class B shares converting for Pharmacy Investors, LLC and 471,057 Class B shares converting for Cardinal Equity Fund, L.P.

What are the resulting Class A beneficial ownership amounts after conversion?

After the reported conversion, Pharmacy Investors, LLC is reported to beneficially own 1,863,564 Class A shares and Cardinal Equity Fund, L.P. is reported to beneficially own 620,851 Class A shares.

Is this conversion a sale or open-market transaction?

No. The Form 4 shows the change resulted from an automatic one-for-one conversion under the issuer’s Amended and Restated Certificate of Incorporation, not from a purchase or sale.

When are the remaining conversion tranches scheduled?

The filing states remaining substantially equal tranches are scheduled for 03/28/2026 and 09/27/2026.